Keystone Law CEO: ‘There’s always been a culture of presenteeism in law firms – but that makes less sense now’ April 29, 2021 AIM-listed Keystone Law has enjoyed a good financial year, with profits and revenue at the firm up, something it attributes to being accidentally pandemic-ready thanks to its flexible approach to work. Revenue for the year jumped nearly 11 per cent to £55m, while profit before tax rose to £5.4m, some £200,000 more than the previous [...]
Litigation funders’ cash pipeline hits £2bn for the first time amid growing popularity April 28, 2021 The value of the pipeline of court cases and cash held by top UK litigation funders has hit £2bn for the first time as the asset class grows in popularity. The value held by litigation funders has rocketed in recent years, according to data by law firm RPC, with funding doubling in three years from [...]
London used as ‘money-laundering base’, mafia trial prosecutor says April 28, 2021 In Italy’s largest mafia trial in three decades, the UK’s capital has been roped in as a potential hotspot for organised crime, particularly post-Brexit. The trial will see around 900 witnesses testify against more than 350 ’Ndrangheta defendants, including politicians and officials charged with being members of Italy’s most powerful criminal group. Defendants are set [...]
KPMG staff fired after rowdy ‘boys’ night out’ featuring binge drinking and strippers April 28, 2021 Staff from KPMG’s private equity division in Melbourne were fired after a wild ‘boys’ night out’ that featured heavy binge drinking and strippers. A 2015 video invitation to ‘boys’ night’, sent to 80 male employees at KPMG’s Melbourne office, with women excluded, has just recently come to light. According to the Mail Online, the video [...]
Equiniti receives sweetened £661m takeover bid from US private equity firm April 28, 2021 Equiniti Group has received a revised offer from US private equity investor Siris Capital, to buy the outsourcer for around £661m in cash. Siris revised its bid to 180 pence per share following discussions, London-listed Equiniti said. In early April, Siris submitted a non-binding proposal for 170 pence per share, which Equiniti said it would evaluate “carefully [...]
EY quits as auditor of P2P lender Kuflink over governance concerns April 27, 2021 EY has resigned as auditor of peer-to-peer lender Kuflink after finding a litany of problems at the group, including worries about its general oversight. The Big Four firm stepped down as auditor on 16 February, according to a letter on Companies House, which said Kuflink had “significant work” to do on multiple aspects of its [...]
Big Four and challengers ask for leeway on difficult audits to avoid public criticism April 27, 2021 The Big Four and the challenger audit firms have asked the accountancy watchdog for more leniency when it comes to more difficult audit jobs, for fear of public criticism if they make a mistake. Audit firms have asked the Financial Reporting Council (FRC) to pause quality inspections of their work for a year if they [...]
KPMG’s ex-interim CEO Mary O’Connor in talks about leaving after being passed up for the top job April 23, 2021 Mary O’Connor, who was the first woman to head up KPMG, is in advanced talks to leave the firm after being passed over for the top job. O’Connor is close to agreeing the details of her exit, Sky News first reported, and a statement on her future at the company could be made in the [...]
Staff hauled out millions of euros in cash from Wirecard’s HQ in Aldi and Lidl shopping bags April 23, 2021 Wirecard employees hauled out millions of euros in cash from the group’s Munich headquarters, according to former employees. Former employees told Munich police that staff repeatedly removed large sums of cash in Aldi and Lidl plastic bags from Wirecard’s HQ, the Financial Times first reported. The practice started as early as 2012, and suggests fraudulent [...]
UK will stay financial services leader without EU equivalence deal, says KPMG boss April 23, 2021 If the UK and EU fail to agree an equivalence deal it will not be the end of the world, according to KPMG’s head of FS Karim Haji, who was feeling upbeat about the future of financial services in the UK. Haji, who was made KPMG’s head of FS in June 2019, acknowledged an equivalence [...]